2013 (2) TMI 891

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..... : The appeal filed by the Revenue is against the order of the CIT (Appeals), Chandigarh dated 19.04.2012 relating to assessment year 2007-08 against the penalty levied u/s 271(1)(c) of the Income Tax Act, 1961 (in short the Act ). 2. The only effective ground of appeal raised by the Revenue reads as under: 1. On the facts and circumstances of the case and in law, .....

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..... n the disallowance of the proportionate interest under section 36(1)(iii) of the Act holding the assessee not to have furnished inaccurate particulars of income. The CIT (Appeals), however, upheld the levy of penalty on the disallowance of deduction under section 80IC on the ground on miscellaneous income. 5. The Revenue is in appeal against the order of the CIT (Appeals) in deleting .....

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..... n connection with the said disallowance. The assessee had furnished complete particulars of its income and expenditure and had also furnished the details of interest bearing funds and also interest free advances made by it. The case of the Revenue was that in view of the mixed funds available with the assessee, proportionate disallowance is to be made out of interest expenditure relatable to the .....

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